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Author Topic: [2018-06-25] Blockchain CEO Says Bitcoin Adoption Will Take Long Time, Survivors  (Read 56 times)
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June 26, 2018, 07:28:19 AM
 #1

CNBC’s Brian Kelly believes that sentiment surrounding the cryptocurrency market has hit the bottom, along with adoption rates. But Peter Smith, CEO of Blockchain, believes that this should be of no worry as users should stay in the market “for the long haul.”

Declining Sentiment: Should You Be Worried?

The last few months have been far from kind to the cryptocurrency market, with prices collectively declining by over 70% since the January highs. However, as Brian Kelly noted on CNBC, Bitcoin’s price is still up by over 125% compared to last June.

Despite growth over a longer timeframe, speculators in the market for the short-term have lost faith, taking a substantial amount of liquidity with them. However, an article from the Financial Times reminds us that true believers should hold their undying faith in the industry for years to come.

Peter Smith, co-founder, and CEO of well-known cryptocurrency infrastructure firm Blockchain acknowledged this faith in a recent tweet. Smith noted how the aforementioned FT article, which he wrote, is “still quite valid.” Further mentioning that the growth of this world-changing industry will “take a long time,” so users should “be prepared for the long haul.”

The Internet, despite its revolutionary capabilities, was expected to fail by many of its critics, as the Internet wasn’t widely adopted on its arrival. Looking back now, it is clear to see how mistaken these critics were. Some believe that users should take a similar perspective while looking at the cryptocurrency market, taking a longer-term optimistic approach while looking at the current state of the market. This belief is a direct contradiction with the short-term profits which speculators have focused on, nearly deifying 2017’s cryptocurrency bull run.

In the original article, Peter Smith wrote:

«It is easy to focus on the fluctuation of this or that crypto-asset and to miss the big picture. We are only beginning to grasp the seismic nature of the changes induced by ubiquitous, secure, decentralised ledgers and the quasi-instantaneous clearing they make possible.»

See More - https://www.newsbtc.com/2018/06/25/blockchain-ceo-supporters-should-be-prepared-for-the-long-haul/


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June 26, 2018, 07:57:03 AM
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It is fun to see how a downtrend in the market could shake up a lot of persons and turn down on their own investments. This is what separates the real investors from the fake ones as a bear market should be seen as an opportunity rather than what we are feeling now. And of course with this bear market we are seeing a lot of bad news as if they are not contributing to the progress of adoption of cryptocurrencies. A bull market can save us from the lack of progress we are having hopefully we will see it soon.

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June 26, 2018, 10:14:18 AM
 #3

Yeah, kind of fun to be in my first true downturn, having only owned my first coins in mid 2016. Two years now, but what a ride. Got to say was prepared to see people jump ship but still taken aback by even how seemingly staunch people were already worried back in February, saying the end was near.

In the months since, though, happy to see people I regularly transact with still faithfully stick to Bitcoin. Not easy to be swayed by alts with promises of cheaper and faster txs. So far paying off.

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June 26, 2018, 12:41:11 PM
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Not easy to be swayed by alts with promises of cheaper and faster txs. So far paying off.

Altcoins only have cheaper transactions because no one is using their network for anything. If only a couple of people use them per whatever their average block time is, they can continue to offer free and fast transactions/confirmations for ever.

Bitcoin is the first ever crypto currency to experience full blocks, and thus far only Ethereum managed to do the same, but that's not because Ethereum itself is stimulating use, but just the garbage running on top of it using Ethereum's resources. All this garbage running on top of Ethereum will end up being its own downfal. I'm more than happy knowing that Bitcoin isn't stimulating this sort of shittery.

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June 26, 2018, 03:08:41 PM
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It is fun to see how a downtrend in the market could shake up a lot of persons and turn down on their own investments. This is what separates the real investors from the fake ones as a bear market should be seen as an opportunity rather than what we are feeling now. And of course with this bear market we are seeing a lot of bad news as if they are not contributing to the progress of adoption of cryptocurrencies. A bull market can save us from the lack of progress we are having hopefully we will see it soon.
Even if we see a bullish market, it will only be a temporary phenomenon. Speculation in the cryptocurrency market does not stimulate the growth of popularity of cryptocurrencies. I feel like this is going nowhere. Bitcoin should get another use. Without it there will be no future. Bitcoin must become a currency or die.
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June 26, 2018, 03:57:35 PM
 #6

It is fun to see how a downtrend in the market could shake up a lot of persons and turn down on their own investments. This is what separates the real investors from the fake ones as a bear market should be seen as an opportunity rather than what we are feeling now. And of course with this bear market we are seeing a lot of bad news as if they are not contributing to the progress of adoption of cryptocurrencies. A bull market can save us from the lack of progress we are having hopefully we will see it soon.
Even if we see a bullish market, it will only be a temporary phenomenon. Speculation in the cryptocurrency market does not stimulate the growth of popularity of cryptocurrencies. I feel like this is going nowhere. Bitcoin should get another use. Without it there will be no future. Bitcoin must become a currency or die.


Being merely an instrument of speculation doesn't fade the future of the Bitcoin. Let's take the example of Gold!
The shiny piece of metal has very less real world use but its value has risen over century dramatically due to speculation. Same may happen to Bitcoin and new investors may start investing in Bitcoin in near future if it comes up solely as a mean of investment. The unclear status of Bitcoin as of now is more disadvantages than proud recognition of it as a speculative investment.
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June 26, 2018, 06:30:18 PM
 #7

It is fun to see how a downtrend in the market could shake up a lot of persons and turn down on their own investments. This is what separates the real investors from the fake ones as a bear market should be seen as an opportunity rather than what we are feeling now. And of course with this bear market we are seeing a lot of bad news as if they are not contributing to the progress of adoption of cryptocurrencies. A bull market can save us from the lack of progress we are having hopefully we will see it soon.
Even if we see a bullish market, it will only be a temporary phenomenon. Speculation in the cryptocurrency market does not stimulate the growth of popularity of cryptocurrencies. I feel like this is going nowhere. Bitcoin should get another use. Without it there will be no future. Bitcoin must become a currency or die.


Being merely an instrument of speculation doesn't fade the future of the Bitcoin. Let's take the example of Gold!
The shiny piece of metal has very less real world use but its value has risen over century dramatically due to speculation. Same may happen to Bitcoin and new investors may start investing in Bitcoin in near future if it comes up solely as a mean of investment. The unclear status of Bitcoin as of now is more disadvantages than proud recognition of it as a speculative investment.
I cant really consider for Gold to be compared with Bitcoin when it comes on its current standing. Gold is just mineral but we do know its value and it do have a physical form which it is somehow considerable compared to BTC which its just a digital currency with have a anonymity and decentralized feature then its somehow anticipated that this wont really be easily considered to be legal in all means. Becoming a currency? No it wont happen.

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June 26, 2018, 06:34:11 PM
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It doesn't really matter how long it takes -- it's clear that the path to actual use basis adoption will take long, and largely depends on when the speculative hype comes to an end. People are simple minded and for that reason will not directly see the value of a decentralized network. Let them go through the hype as long as they want and when they emptied their wallets they will realize what they have been wasting their time on. The maturity of a market consists of various cycles that we have to go through, and we are still at cycle 1 in terms of its speculative nature. I don't see it change any time soon....
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June 26, 2018, 06:48:42 PM
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People are simple minded and for that reason will not directly see the value of a decentralized network.

And this is why I think there will never be a massive switch from fiat to crypto - most people are perfectly fine with centralization, they trust banks and governments and they are afraid of technologies like Bitcoin where users have so many responsibilities. Banks are like Windows, everyone use them even though there are many problems with it, and everyone is afraid or find it too inconvenient to switch to Linux. But I think it's fine, because Bitcoin will be, and already becomes the backbone of global grey/black market economy.

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June 26, 2018, 11:23:59 PM
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A bull market can save us from the lack of progress we are having hopefully we will see it soon.
I don't think so. People need to get used to a market that doesn't continuously increase in short time frames. It's healthy to see the market take a few steps back and hover around more realistic levels.

In the background Lightning Network enjoys more mainnet implementation on a weekly basis, which is something we don't hear anyone talk about. It's a big deal in my opinion and motivates me to jump in.

The network capacity has gone up from around 20BTC to nearly 26BTC as I can see. It might not seem like much, but for now it's great considering that most Lightning transactions are very low value test payments.

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June 27, 2018, 05:00:24 AM
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It is fun to see how a downtrend in the market could shake up a lot of persons and turn down on their own investments. This is what separates the real investors from the fake ones as a bear market should be seen as an opportunity rather than what we are feeling now. And of course with this bear market we are seeing a lot of bad news as if they are not contributing to the progress of adoption of cryptocurrencies. A bull market can save us from the lack of progress we are having hopefully we will see it soon.
Even if we see a bullish market, it will only be a temporary phenomenon. Speculation in the cryptocurrency market does not stimulate the growth of popularity of cryptocurrencies. I feel like this is going nowhere. Bitcoin should get another use. Without it there will be no future. Bitcoin must become a currency or die.


Being merely an instrument of speculation doesn't fade the future of the Bitcoin. Let's take the example of Gold!
The shiny piece of metal has very less real world use but its value has risen over century dramatically due to speculation. Same may happen to Bitcoin and new investors may start investing in Bitcoin in near future if it comes up solely as a mean of investment. The unclear status of Bitcoin as of now is more disadvantages than proud recognition of it as a speculative investment.
You claim that gold is used as a metal very little? Gold as a metal has a lot of useful properties. It does not oxidize, it is easy to melt and has a lot of advantages. Its use is limited to its small amount in the world and its high cost. Gold will always remain gold.
As for bitcoin, it certainly will be introduced into our lives for a very long time, since it is not profitable for use from the point of view of states. They will, to varying degrees, oppose its use.

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June 27, 2018, 03:59:10 PM
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Being merely an instrument of speculation doesn't fade the future of the Bitcoin. Let's take the example of Gold!
The shiny piece of metal has very less real world use but its value has risen over century dramatically due to speculation. Same may happen to Bitcoin and new investors may start investing in Bitcoin in near future if it comes up solely as a mean of investment. The unclear status of Bitcoin as of now is more disadvantages than proud recognition of it as a speculative investment.
I cant really consider for Gold to be compared with Bitcoin when it comes on its current standing. Gold is just mineral but we do know its value and it do have a physical form which it is somehow considerable compared to BTC which its just a digital currency with have a anonymity and decentralized feature then its somehow anticipated that this wont really be easily considered to be legal in all means. Becoming a currency? No it wont happen.

Though BTC is in digital form but still its not a Word File or a Powerpoint Presentation which could be easily deleted. Bitcoin is backed by a mighty technology of Blockchain and any data once recorded on Blockchain can't be deleted or destroyed. So BTC is much more safe than what we thought due to its intangible existence.
It is interesting that we have so faith in our existing currency or what we call Paper Notes and coins but in reality, currency form of money has no actual existence at all. What we have in our pockets and wallets are nothing but the promise of government and central bank to pay owner of notes the sum. That's so after the introduction of Internet Banking is replaced by digital record of such promises. So in actual money is no where. As compared to current currency system, Bitcoin is hundred times more safe to use. Hence it do provides ownership and value.
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June 27, 2018, 04:15:00 PM
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You claim that gold is used as a metal very little? Gold as a metal has a lot of useful properties. It does not oxidize, it is easy to melt and has a lot of advantages. Its use is limited to its small amount in the world and its high cost. Gold will always remain gold.
As for bitcoin, it certainly will be introduced into our lives for a very long time, since it is not profitable for use from the point of view of states. They will, to varying degrees, oppose its use.

If gold's price was only based on its physical properties, it would cost around the same as copper or tin. But this "intrinsic value" reasoning fails to explain why certain things become store of value or speculation and investment vehicle. The answer is simple - value is psychological phenomena, it can't be precisely calculated as if it was some physical property, because the price that we see on exchanges is the product of personal opinions of millions of people. So, it really doesn't matter that Bitcoin has no uses aside from monetary, because how good it is as money in eyes of the people is what determines its price.

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June 27, 2018, 05:00:29 PM
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I also agree that the process of legalizing bitcoin and other crypto currency will take a very long time. Just this process does not go smoothly and there are so many problems. A great deal prevented this process from the December increase in the price of bitcoin to $ 20,000 and its subsequent drop by 70 percent. Many states saw this as a manifestation of the bitcoin state of the financial bubble. Therefore, this process stalled. This is to the existing general problem of the complexity of adopting bitcoin because of its decentralized nature. So there are a lot of problems and therefore their solution will be long.

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